Thread by @asiahodl

What's interesting with @coinbase ?
1. They may issue a "loyalty rewards" token
2. 95% trading revenues are from retail clients, which pay 30x vs institutional
3. Pre-IPO value at 7% of crypto market cap
4. Debt: No fiat $271m in crypto

(cont'd)
👇🏻👇🏻1️⃣
messari.io/article/coinba…

5. Tokens sold are "revenues". That means @coinbase VC sales might be revenues
6. Strong user growth but low active users
7. @brian_armstrong's grants vest only after+750% stock price appreciation. Fully vests if stocks go up by 16x

Now let's look at valuations 👇🏻
2️⃣

3️⃣ Pre-IPO valuations are at $98 bn. That's closest to "Price / Sales to Growth" comparables.

Coinbase is priced well above publicly traded crypto platforms and stock exchanges.
messari.io/article/coinba…

4️⃣ Valuation sanity check?
Coinbase houses 11% of all crypto assets. We compare the market cap of companies to the relevant stock market.

That averages ~1% vs #Coinbase at 7%, despite not having a monopoly.

5️⃣ Due to market momentum, growing institutional adoption, Coinbase is priced at the high end of our valuation range.

Equities & crypto have traded independently. This listing would provide an anchor for crypto-native exchange tokens valuations.

messari.io/article/coinba…

Check out the link for our Coinbase valuations model.

Deep dive into each topic is in the article